Archive for "subprime loans"

Wells Fargo Calls NAACP Suit ‘Reckless’

March 19th, 2009

Wells Fargo, which is being sued by the NAACP, is denying that it steered Blacks and Hispanics toward high-risk, high-interest loans, even though they often had equal or better credit ratings than their White counterparts. “The NAACP’s allegations are totally unfounded and reckless,” Wells Fargo said in a statement. “We have never tolerated, and will never tolerate, discrimination in any way, shape or form in any of our business practices, products or services. We are proud of our lengthy record leading the industry in responsible lending practices and in support of the communities we serve, which makes the very thought of a discrimination claim reprehensible to us. We intend to vigorously defend these unfounded allegations.” Read the rest.

  • Digg It
  • Delicious